Malta's National Development and Social Fund to acquire 49 percent of Lombard Bank.
Global Banking News-March 20, 2018--Malta's National Development and Social Fund to acquire 49 percent of Lombard Bank
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Global Banking News - 20 March 2018
Malta's National Development and Social Fund has entered into an agreement to buy 49.0 percent of the shares in Lombard Bank, which are currently held by the Cypriot Popular Bank Public Co. Ltd, Malta Today has reported citing a statement from the agency.
A government agency, The National Development and Social Fund is established for the purpose of managing and administering 70.0 percent of the contributions received from the Individual Investor Programme. The transaction will be subject to the approval of the Malta Financial Services Authority in terms of the Banking Act, The National Development said in a statement.
'This acquisition is by no means a strategic investment but intended solely to facilitate the exit of the Cypriot major shareholder of Lombard Bank Malta p.l.c. one of Malta's established and respected banks and also the major shareholder of MaltaPost p.l.c. Malta's leading postal services operator,' it added.
'It is a measure taken by the Board of Governors of the NDSF in terms of its founding regulations to support business and enterprise, in this case an important operator in the domestic banking sector.'
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